EMI music publishing is to acquire the remaining 20% of Berry Gordy's Jobete song catalog it did not already own for $80 million.

EMI music publishing is to acquire the remaining 20% of Berry Gordy's Jobete song catalog it did not already own for $80 million.

The transaction, which will be completed in the "next few days," was instigated when Gordy exercised a "put" option on the remaining stake in the publishing company. EMI had previously valued the 20% stake at $75.1 million-$86.3 million.

Jobete is home to Motown standards, including "I Heard It Through the Grapevine," "My Girl," "I Just Called to Say I Love You," and "I'll Be There." According to EMI, Gordy will continue to offer "development and creative direction" for the catalog.

"Completing our purchase of Jobete is entirely consistent with EMI's strategy of making quality music available to the world," EMI Group chairman Eric Nicoli says in a statement.

EMI acquired an initial 50% stake in Jobete in 1997 for $132 million, and upped its investment to 80% in 2003 for a further $109.3 million.